# Union Jack Oil US$5 million net revenues landmark reached at Wressle

- Link: https://www.directorstalkinterviews.com/union-jack-oil-us5-million-net-revenues-landmark-reached-at-wressle/4121062083
- Published: 2022-04-25T07:54:39+01:00
- Author: Giles

**[Union Jack Oil](https://www.directorstalkinterviews.com/company/union-jack-oil-plc/ujo.l)
plc** ([LON:UJO](https://www.directorstalkinterviews.com/company/union-jack-oil-plc/ujo.l))
a UK focused onshore hydrocarbon production, development and exploration company,
has announced that material landmark net revenues of US$5 million have been achieved
from the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182
in North Lincolnshire on the western margin of the Humber Basin.

Union Jack holds a 40% economic interest in this producing hydrocarbon development.

**Highlights**

·    Landmark **US$5 million** revenues generated to Union Jack since re-commencement
of production during August 2021

·    Well continues to produce under natural flow with **zero water cut**

·    Site upgrades ongoing

·    As at 22 April 2022, the Company’s cash balances and short term receivables
stand at in-excess of **£7.05 million**

·    Net revenues of **£2.4 million** registered to date during 2022, already comfortably
exceed 2021 year-end unaudited revenues of in-excess of **£1.8 million**

·    The Company is covered for all operational and all contracted or planned CAPEX
costs, including any budgeted drilling activities

·    Debt free

·    Company solicitors progressing legal work on Capital Reduction exercise to 
enable the Company to execute share buy-back programme or dividend payment

> **Executive Chairman of Union Jack Oil, David Bramhill commented:** “The revenues
> from the Wressle development continue to highlight the sea change in the financial
> robustness of Union Jack, as the figures above illustrate.
> “We are still in the early stages of the process of unlocking the significant 
> upside potential at Wressle with the future monetisation of the natural gas at
> the Ashover Grit reservoir plus the substantial future revenue opportunity offered
> by the Contingent Resource present in the Penistone Flags reservoir that remains
> untapped.
> “We also look forward to the publication in the near future by the Operator of
> its report on the various projects in which Union Jack is involved.
> “Given the future prospects at our core projects at Wressle, West Newton, Keddington
> and Biscathorpe, the Board of Union Jack believes the Company remains on a material
> growth trajectory which augers well for the future of the Company and its shareholders.”

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